Cointelegraph REKT: Two-hour crypto liquidations hit $608M; biggest single wipeout was a $26.64M ETHUSDC position on Binance

Two-hour liquidations spiking to $608M signals a sharp, leveraged deleveraging event and elevated short-term volatility across majors. The largest single liquidation being a $26.64M ETHUSDC order on Binance highlights concentrated stress in ETH-linked perpetual positioning and stablecoin-quoted margin. Such flushes typically tighten liquidity and widen spreads as risk is reduced and funding/positioning resets.